Novagold Resources New (NG) AI Stock Analysis

• Market Cap: C$4.83B
• Dividend Yield: N/A
• Average Volume (3M): 526.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 2.67
• Revenue Growth: N/A
• EPS Growth: -92.71%
• Country: CA
• Employees: 14
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Gold
• EPS (TTM): -0.04
• Shares Outstanding: 406,994,540
• 10 Day Avg. Volume: 931,958
• 30 Day Avg. Volume: 526,951
• PEG Ratio: -0.51
• Price to Book (P/B): 23.30
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -272.05
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: C$20.72
• Price Target Upside: 74.56% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.21
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: C$12.00 ▲(1.10% Upside)

The score is held back primarily by weak financial fundamentals (no revenue, recurring losses, and ongoing cash burn with meaningful leverage). Offsetting this is a relatively positive earnings-call backdrop with clear project milestones and improved funding/partner support, while technicals are neutral-to-mildly supportive and valuation remains constrained by negative earnings and no dividend.

Positive Factors

Resource scale and grade

A very large, high-grade resource (40–45Moz at ~2.25 g/t) with multi‑decade production potential (>1 Moz/yr) underpins long-term project economics. Scale and grade materially reduce execution risk per ounce and support the prospect of sustained, multi-decade free cash flow if built and operated.

Strategic partnership and increased ownership

Moving to a 60% stake alongside a deep‑pocketed partner materially strengthens financial backing and alignment of incentives. Institutional support improves access to project financing, reduces sponsor risk, and increases likelihood the BFS and later construction receive the capital and governance needed to advance.

Finalized tailings design and community engagement

A finalized, fully lined downstream tailings design and strong local hiring/community agreements reduce technical and social license risks that commonly delay mines. These durable mitigants improve permitting defensibility and lower the odds of major design rework during BFS and regulatory review.

Negative Factors

Pre-production cash burn and no operating revenue

As a pre-revenue developer NovaGold runs persistent operating losses and negative cash flow, with no operating revenues to offset spending. Continued cash burn structurally requires repeated financing rounds, creating dilution and execution risk if capital markets or partner support tighten over the multi-year development horizon.

Elevated leverage for a pre-revenue company

Debt roughly equal to equity (debt-to-equity ~1.02) is meaningful for a non-operating developer. Elevated leverage increases refinancing and interest obligations during multi-year development, tightening financial flexibility and raising the probability that further equity or asset dilution will be required to fund the bankable feasibility study and construction.

Court remand requiring supplemental EIS

A court‑mandated supplemental EIS introduces durable schedule and scope risk: additional studies can delay permitting, increase pre-construction costs, and complicate bankability discussions. Protracted regulatory uncertainty can raise financing costs and push timelines for construction and first production materially later.

Novagold Resources New Business Overview & Revenue Model

Company Description

NovaGold Resources Inc. explores for and develops gold mineral properties in the United States. Its principal asset is the Donlin Gold project consisting of 493 mining claims covering an area of approximately 29,008 hectares located in the Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name to NovaGold Resources Inc. in March 1987. NovaGold Resources Inc. was incorporated in 1984 and is based in Vancouver, Canada.

How the Company Makes Money

NovaGold Resources Inc. primarily makes money through the exploration and development of its key gold asset, the Donlin Gold project. Revenue generation for the company is expected to come from the eventual production and sale of gold extracted from this project. The company currently relies on strategic partnerships, most notably with Barrick Gold Corporation, to share the costs and risks associated with developing such a large-scale mining operation. Until production begins, NovaGold's financial strategy involves securing funding from investors and partners to continue its development activities and maintain operational stability.

Novagold Resources New Financial Statement Overview

Summary

Pre-revenue profile with persistent, sizable losses and ongoing cash burn. Balance sheet improved with equity turning positive in 2025 and assets rising, but leverage remains meaningful (debt roughly in line with equity) and the business remains dependent on external funding until project execution advances.

Income Statement

The company has reported zero revenue across the period provided, while losses remain persistent and sizable. Net losses fluctuate but do not show a clear path to breakeven (net income worsened to about -$94.7M in 2025 vs. about -$45.6M in 2024). With no operating revenue base, profitability and margin signals are structurally weak, and earnings visibility remains low.

Balance Sheet

Leverage is meaningful for a pre-revenue business: total debt rose to about $167.1M in 2025 from about $110.4M in 2020. Equity improved materially in 2025 (about $163.8M) after being negative in 2023–2024, which is a notable balance sheet repair, but the capital structure still reflects elevated risk given ongoing losses and debt roughly in line with equity (debt-to-equity ~1.02 in 2025). Asset growth in 2025 is also sharp (to about $335.9M), but sustainability depends on funding needs and project progress.

Cash Flow

Cash burn is persistent, with operating cash flow negative every year shown. 2025 operating and free cash flow were about -$14.0M, worse than 2024 (about -$12.6M) and 2023 (about -$7.8M), indicating rising cash needs. Free cash flow growth is volatile (positive in 2025 after declines in 2024), but the core issue remains consistent cash outflows with no revenue-generated cash to offset them, implying continued reliance on financing.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	-22.00K	0.00	0.00	-7.00K	-7.00K
EBITDA	-79.89M	-24.91M	-21.77M	-45.83M	-33.82M
Net Income	-94.66M	-45.62M	-46.80M	-53.34M	-40.54M
Balance Sheet
Total Assets	335.91M	109.75M	133.29M	159.19M	198.85M
Cash, Cash Equivalents and Short-Term Investments	115.14M	101.22M	125.75M	125.88M	169.12M
Total Debt	167.06M	152.45M	137.55M	124.63M	116.13M
Total Liabilities	172.12M	157.17M	141.51M	129.29M	120.57M
Stockholders Equity	163.79M	-47.42M	-8.22M	29.90M	78.28M
Cash Flow
Free Cash Flow	-14.03M	-12.64M	-7.79M	-12.37M	-9.66M
Operating Cash Flow	-14.03M	-12.64M	-7.79M	-12.37M	-9.86M
Investing Cash Flow	-177.56M	9.36M	-10.33M	-12.36M	40.39M
Financing Cash Flow	259.50M	-174.00K	0.00	-2.12M	-731.00K

Novagold Resources New Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 11.87
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:NG, the sentiment is Negative. The current price of 11.87 is below the 20-day moving average (MA) of 14.14, below the 50-day MA of 13.62, and above the 200-day MA of 9.65, indicating a neutral trend. The MACD of 0.17 indicates Positive momentum. The RSI at 37.75 is Neutral, neither overbought nor oversold. The STOCH value of 43.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:NG.

Novagold Resources New Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TXG	77 Outperform	$6.27B	13.66	17.29%	―	5.33%	143.67%
KNT	74 Outperform	C$6.22B	17.53	46.21%	―	81.13%	234.33%
SSRM	69 Neutral	$6.30B	21.91	6.84%	―	33.74%	―
OLA	62 Neutral	C$6.98B	95.76	9.79%	―	151.45%	1224.07%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%
SEA	52 Neutral	C$4.02B	-72.29	-5.19%	―	―	-267.06%
NG	50 Neutral	C$4.83B	―	-162.67%	―	―	-92.71%

Novagold Resources New Corporate Events

Novagold Upsizes Bought Deal Financing to US$300 Million to Advance Donlin Gold

Novagold Resources has upsized its previously announced bought deal private placement to 30 million common shares at US$10.00 per share, for gross proceeds of about US$300 million, anchored by a US$140 million cornerstone order from a leading European institution and supported by an over-allotment option that could lift total proceeds to roughly US$345 million. The company plans to use the funds to advance activities at its flagship Donlin Gold project in Alaska, settle a favorable prepayment option on a sizeable promissory note with Barrick Mining Corporation, and for general corporate purposes, a capital move that strengthens its balance sheet and supports further de-risking and development of one of the world’s largest undeveloped open-pit gold assets.

The most recent analyst rating on (TSE:NG) stock is a Hold with a C$13.00 price target. To see the full list of analyst forecasts on Novagold Resources New stock, see the TSE:NG Stock Forecast page.

NOVAGOLD Launches US$200 Million Bought Deal to Advance Donlin Gold and Prepay Barrick Note

NOVAGOLD Resources has launched a US$200 million bought deal private placement of 20 million common shares at US$10.00 each, led by BMO Capital Markets, RBC Capital Markets and Scotiabank, including a US$140 million cornerstone order from a leading European institution and an over-allotment option that could lift total gross proceeds to about US$230 million. The company plans to use the net proceeds to fund work at its flagship Donlin Gold project in Alaska, exercise a discounted US$100 million prepayment option on a secured promissory note with Barrick Mining Corporation, and for general corporate purposes, a move that could strengthen its balance sheet, advance development of one of the world’s largest gold projects and potentially accelerate its path toward long-term production; the offering, subject to customary regulatory approvals in Canada and the United States and a six-month hold period on the shares, underscores continued institutional support for NOVAGOLD’s development strategy.

The most recent analyst rating on (TSE:NG) stock is a Hold with a C$13.00 price target. To see the full list of analyst forecasts on Novagold Resources New stock, see the TSE:NG Stock Forecast page.

NOVAGOLD Tightens Grip on Donlin Gold With $1 Billion Deal and Ramps Up Development Push

NOVAGOLD has filed its 2025 year-end report and highlighted a transformational year marked by the $1 billion acquisition of Barrick Mining’s former 50% stake in Donlin Gold LLC, resulting in NOVAGOLD increasing its interest in the project to 60% and Donlin Gold Holdings taking a 40% stake with shared operating control. The company advanced Donlin Gold toward development by launching a bankable feasibility study process with top-tier engineering firms, appointing veteran project director Frank Arcese, completing an 18,454-meter drill program that returned high-grade gold intercepts, and approving a $131.4 million 2026 budget to push feasibility work, permitting, environmental restoration, and community relations, while ending the fiscal year with $115.1 million in cash and term deposits to support its share of project funding and corporate costs.

The most recent analyst rating on (TSE:NG) stock is a Hold with a C$13.00 price target. To see the full list of analyst forecasts on Novagold Resources New stock, see the TSE:NG Stock Forecast page.

Novagold Taps Veteran Project Director to Drive Donlin Gold Toward Development

NOVAGOLD has appointed veteran mining executive Frank Arcese as Project Director of Donlin Gold LLC to lead the advancement of its flagship Donlin Gold project toward a bankable feasibility study and eventual development. Arcese, who brings more than 40 years of global experience managing large-scale mining and power projects in challenging and remote environments, will be responsible for project planning, execution strategy, organizational readiness, and aligning the project with NOVAGOLD’s long-term objectives, a move management describes as a key milestone in strengthening execution capabilities as Donlin advances toward a potential construction decision.

The most recent analyst rating on (TSE:NG) stock is a Hold with a C$13.00 price target. To see the full list of analyst forecasts on Novagold Resources New stock, see the TSE:NG Stock Forecast page.

NOVAGOLD Advances Donlin Gold Energy Strategy With Alaska LNG LOI and Feasibility Planning

NOVAGOLD announced that Donlin Gold LLC, its 60%-owned joint venture with Paulson Advisers, has signed a non-binding letter of intent with Glenfarne Alaska LNG for potential natural gas supply and associated infrastructure to power the proposed Donlin Gold mine in Southwest Alaska. The arrangement contemplates up to 50 million cubic feet of gas per day from the Alaska LNG pipeline and coordinated development of a 316‑mile buried pipeline and power plant, which the parties say could lower fuel and logistics costs, enhance project economics, and provide broader energy cost benefits as Alaska LNG secures more customers. Key permits for the pipeline route have already been granted and recently upheld by the Alaska Supreme Court, while supplemental federal environmental review continues under the FAST‑41 framework. In parallel, Donlin Gold is advancing a Bankable Feasibility Study, having received bids from major engineering firms and expecting to select a prime contractor in the first quarter of 2026, after which a detailed schedule and budget will be set, with final construction approvals remaining contingent on completion of permitting and the feasibility work.

The most recent analyst rating on (TSE:NG) stock is a Hold with a C$13.00 price target. To see the full list of analyst forecasts on Novagold Resources New stock, see the TSE:NG Stock Forecast page.

NOVAGOLD Advances Donlin Gold Project with High-Grade Results and Key Permits

NOVAGOLD RESOURCES INC. announced significant advancements in its Donlin Gold project, including high-grade drill results and favorable legal and permitting milestones. The 2025 drill program yielded high-grade gold intercepts, reinforcing the project’s status as a leading gold development. Additionally, the Alaska Supreme Court upheld key state permits, and the project was accepted into the FAST-41 program, enhancing transparency and predictability in federal permitting. These developments position Donlin Gold as a standout project in the global gold sector, supporting its path to a Bankable Feasibility Study.

The most recent analyst rating on (TSE:NG) stock is a Buy with a C$24.00 price target. To see the full list of analyst forecasts on Novagold Resources New stock, see the TSE:NG Stock Forecast page.